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Stocks to Watch: Anadarko, Apple, Fannie Mae, Google, KB Homes, Sony, Toyota


Coming down the closing stretch...


Stocks to watch for Friday, August 25

  • Accenture (ACN) named Kevin Campbell group chief executive, outsourcing, effective Sept. 1.
  • Anadarko Petroleum (APC) said it has completed the divestiture of its Gulf of Mexico shelf subsidiary to W&T Offshore (WTI) for pretax proceeds of $1 billion after adjustments.
  • Ansoft (ANST) said first-quarter net income reached $2.29 million, or 9 cents a share, compared with $1.17 million, or 5 cents a share, during the same period in the prior year. Ansoft said quarterly revenue was $17.3 million, compared with $14.8 million in the prior year.
  • Apple (AAPL) is recalling 1.8 million laptop-computer batteries linked to reports of overheating, following on the heels of a similar recall by Dell. Sony (SNE), which manufactured the batteries, said it doesn't expect further recalls.
  • Avocent (AVCT) said it has begun its acquisition tender offer for LANDesk Group Ltd. Avocent said in April it had agreed to buy Salt Lake City-based LANDesk for $416 million in cash and stock.
  • Benihana (BNHN) said the Delaware Supreme Court has affirmed a lower court's decision dismissing all claims against the company by Benihana of Tokyo Inc. The claims were related to Benihana's issuance of $20 million of preferred stock to BFC Financial Corp. Benihana also said first-quarter net earnings of $4.52 million, or 40 cents a share, rose from last year's result of $4.5 million, or 44 cents a share.
  • Cendant (CD) former CEO Henry R. Silverman, who was compensated $140 million last year, is now running one of the conglomerate's spinoffs for an annual salary of $1. But that doesn't mean he's given up being handsomely compensated.
  • China Construction Bank agreed to buy Bank of America's (BAC) 17 branches in Hong Kong and Macau for $1.2 billion.
  • Credence Systems (CMOS) said the preliminary third-quarter net loss narrowed from last year's results as operating expenses fell. Credence noted that the quarterly results, to be finalized on or before Sept. 11, should include the impact of the goodwill and long-lived assets impairment, and the company sees taking a non-cash charge of $300 million to $400 million.
  • Education Realty Trust (EDR) said it now sees 2006 per-share/unit funds from operations of 87 cents to 92 cents, compared with its prior view of 97 cents to $1.02. The Memphis, Tenn.-based operator of collegiate housing cited a higher cost of borrowing.
  • The Justice Department said it has ended a probe into Fannie Mae's (FNM) accounting misdeeds. The firm's shares jumped 4.8%
  • Finish Line (FINL) said it has lowered its second-quarter per-share earnings outlook to a range of 19 cents to 21 cents, from an estimate of 25 cents to 28 cents. The Indianapolis-based apparel retailer said the lower outlook is due to a slowdown in sales and pressure on product margins, among other factors.
  • Google (GOOG) has piled up so much cash that it has asked the SEC to exempt it from an investment-company law.
  • Gottschalks (GOT) said second-quarter net income reached $486,000, or 4 cents a share, compared with $259,000, or 2 cents a share, during the same period in the prior year. Quarterly revenue rose to $154.8 million from $151 million in the prior year.
  • H&R Block (HRB) said it expects to record an after-tax provision for losses of $61.3 million, or 19 cents a share. The loss provision reflects an increase to the estimated recourse liability recorded by H&R Block subsidiary, Option One Mortgage Corp., for loan repurchases and premium recapture reserves.
  • Isle of Capri Casinos (ISLE) said first-quarter net income rose to $9.24 million, or 29 cents a share, from $3.98 million, or 13 cents a share, during the same period in the prior year. Quarterly net revenue was $274 million, compared with $242.5 million in the prior year.
  • KB Home (KBH) said the SEC is conducting an informal inquiry into the company's stock-option grants
  • McData (MCDTA) reported a fiscal second-quarter loss of $20.5 million, or 13 cents a share, on revenue of $150.1 million, compared to a loss of $25.5 million, or 18 cents a share, on $165.3 million in revenue a year ago.
  • Navistar International (NAV) said it has reached an agreement with Caterpillar (CAT) for new licensing and supply agreements. The supply agreements include on-highway truck engines, fuel injectors, remanufactured components and other products. Further, as part of the agreement, the companies are dismissing all pending litigation.
  • Pharmacyclics (PCYC) reported a fourth-quarter net loss of $14.7 million, or 73 cents a share, compared with a net loss of $8 million, or 40 cents a share, during the year ago period. On a pro forma basis, the loss was $6.66 million, or 33 cents a share, vs. a loss of $7.97 million, or 40 cents a share, a year ago.
  • Progress Software (PRGS) said a party identifying itself as a shareholder of the company has filed a derivative complaint alleging violations of the Securities Exchange Act and unjust enrichment arising from an alleged option backdating scheme, among other breaches.
  • Reynolds American (RAI) subsidiary R.J. Reynolds Tobacco Co. said a federal district court judge has struck down a Washington state law prohibiting tobacco companies from sampling products to adult smokers in venues such as bars and nightclubs.
  • Rite Aid (RAD) confirmed a deal to buy the Eckerd and Brooks drugstore chains from Jean Coutu for about $3.4 billion.
  • Sauer-Danfoss (SHS) said it has increased its quarterly dividend 14% to 16 cents a share from 14 cents a share. The increased dividend is payable Oct. 16 to stockholders of record as of Sept. 29.
  • Toyota Motor (TM) reportedly may delay the introduction of some new models by as much as half a year in reaction to a surge of recalls and quality problems.
  • UGI (UGI) said its Pennsylvania subsidiary, UGI Utilities Inc., has acquired the natural gas utility assets of PG Energy from Southern Union (SUG) for $580 million.

Market Update

  • Asian trading closed with the Hang Seng +0.43%, Nikkei -0.14%, Sensex +0.35% and Jakarta -0.88%.
  • A check of the European bourses finds the CAC -0.06%, DAX -0.02%, FTSE -0.04%, ATX +1.15% and Swiss +0.31
  • Crude oil is trading +0.99 to 73.35 while gold is +2.8 to 631.3 this morning.
No positions in stocks mentioned.

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